Jammu based industries seek settlement of turnover incentive claims to existing units

Jammu, Apr 11 (KNN) Federation of Industries Jammu (FOIJ) has urged Manoj Sinha, Lieutenant Governor of Jammu & Kashmir (J&K) to ensure the settlement of turnover incentive claims for the period between April 1, 2021 to March 31, 2022 which will provide great relief to the existing industrial units.

“We request the intervention of LG into the matter for the allocation of additional Budgetary Support of Rs 150 crore by Finance Department to Industries & Commerce Department enabling Industries Department for the settlement of turnover incentive claims for FY22,” said the federation in a press release.

This issue has been highlighted under the leadership of Lalit Mahajan Chairman, FOIJ & President Bari Brahmana Industries Association (BBIA).

He mentioned that the turnover incentives was given to existing industrial units as per the Industrial Policy 2021-30.

The aim was to provide the relief to the units holders who suffered due to an end of Toll Tax w.e.f January 1, 2020 to meet the stiff competition from the outside suppliers and the same has been passed on by the existing units to the consumers accordingly during the Financial Year 2021-22.

He pointed out that nothing has been done till date resulting into the existing units facing the financial crunch due to blockage of working capital as the amount of turnover incentive already passed on by unit holders to their customers.  (KNN Bureau)